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SBI Extended THIS special FD scheme for Senior Citizens till March 2023

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The State Bank of India (SBI) special fixed deposit scheme for seniors is being extended once more.

In May of 2020 the country’s largest lender announced the SBI “WECARE” Senior Citizens Term Deposit scheme to senior citizens.

The scheme was initially scheduled to run until September 2020. In the midst of the Covid-19 pandemic the special FD program was extended multiple times.

The bank has extended it until March-end of next year.

“A special ” SBI Wecare” deposit scheme for senior Citizens is introduced into the retail TD segment.

An additional cost in the amount of 30bps (over and over the existing 50 bps rate as per the table above) will be offered to Senior Citizens with their own retail TD for five years and beyond’ tenors only.

“SBI Wecare” deposit scheme is extended until 31st March 2023.” SBI mentioned on its website.

SBI special FD scheme for senior citizens latest interest rates

SBI specially designed FD plan designed for seniors called We Care offers an additional 30bps interest rate to senior citizens who have a savings account for 5 years or greater.

Presently, SBI gives a 5.65 percent interest rate on a five years of FD available to all the people.

When a senior deposits an unfixed deposit in the special FD scheme, the rate of interest applicable to that FD would be 6.45 percent. The rates will be in effective from the 8th of January in 2021.

SBI Utsav Deposit scheme

In honor of the nation’s anniversary of its 76th Independence Day, the country’s largest lender launched a limited edition, brand-new term deposit scheme named “Utsav Deposit”.

From August 15th 2022, the fixed deposit will provide the buyer a 6.1 percent interest rate. This offer is only available for 75 days or up to the 30th of October 2022.

SBI fixed deposit (FD)latest interest rates

For fixed deposit with periods of between 7 to 10-years, SBI provides interest rate that range between 2.90 percent to 5.65 percent for regular citizens,

and 3.40 percent to 6.45% for seniors. The last time these rates were revised was on August 13, 2022.

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